Putin says Russia lost $15 billion in oil and gas revenue last quarter, but thinks the hole can be filled in the next few months
Russia lost over $15 billion in oil and gas revenue in the first quarter of 2023 – but that gaping hole in the Kremlin's budget can be filled over the next few months, according to Russian President Vladimir Putin.
At a televised government meeting on Tuesday, Putin said Russia's oil and gas revenue fell by $15.8 billion in the first quarter amid tightening Western sanctions following Moscow's invasion of Ukraine last year. The Kremlin posted a $29 billion budget deficit in the first quarter overall, as military spending also increased to continue waging war and mobilizing hundreds of thousands more troops.
Despite the losses, Putin emphasized the resilience of the Russian economy, adding that he foresaw a"positive trend" as oil prices would continue to rise. "It is expected that by the end of the second quarter, against the backdrop of rising oil prices, the situation will change. Additional oil and gas revenues will begin to flow into the budget," Putin said, per
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